Tower Arranges Construction Loan for Melissa BTR Community

Tower Capital arranged a $29.5 million in construction financing for the development of a Build-to-Rent (BTR) community in Dallas. Tower Capital’s Kyle McDonough, George Maravilla, David Stull and Noah Schott arranged the financing on behalf of an undisclosed sponsor.

The transaction involves $29.5 million in non-recourse construction financing for a 118-unit build-to-rent townhome community being developed by a Dallas-based multifamily and BTR/SFR development and investment firm. The community will be situated on roughly 15.5 acres of land, with a portion of the site dedicated to amenities such as open recreational space and an outdoor walking path. The site is situated in Melissa immediately off Sam Rayburn Highway (SH-121), and within a short distance of US-75.

Each home will have an average unit size of 1,655 square feet and will offer private patios or yard space. The overall community will also offer a swimming pool, clubhouse, fitness center, BBQ area, playground, and pickleball courts.